According to data from Kelley Blue Book, the average price of a new van in 2000 was $23,400. In 2020, the average price of a new van was $34,300. This represents a price increase of 47% in just 20 years.
There are several reasons for the increase in new van prices. One reason is the rising cost of materials and labour. The cost of steel, aluminum, and other materials used in van production has increased significantly since 2000. Additionally, the cost of labour has also increased, as automakers have had to invest in new technology and equipment to meet safety and environmental regulations.
Another reason for the increase in new van prices is the increased demand for vans. The demand for vans has increased in recent years as more people are using them for work, leisure, and family transportation. This increased demand has put upward pressure on prices.
Finally, the decline in the value of the US dollar has also contributed to the increase in new van prices. The US dollar has lost value against other currencies in recent years, making it more expensive for US automakers to buy materials and labour from overseas.
As a result of these factors, new van prices have increased significantly in the past 20 years. This has made it more expensive for people to buy new vans, which could have a negative impact on the economy.
